Companhia Vale Do Rio Doce plans $15.1 bln bid for Inco: rpt

SimonKennedy

LONDON (MarketWatch) -- Brazilian mining company Companhia Vale Do Rio Doce
RIO, -2.24%riopr
is planning to launch an all-cash 17 billion Canadian dollars ($15.1 billion) bid for nickel miner Inco Ltd.
nca:n
according to a report in the Wall Street Journal, citing a person familiar with the plan. A CVRD bid would create a three-way battle for Inco, which has also received offers from Teck Cominco
tck
and Phelps Dodge Corp.
PD, -2.70%
The Journal said CVRD's potential bid would be valued at roughly the same as Teck Cominco's, but CVRD could have an advantage because its offer would be all cash, rather than a mixture of cash and shares. Inco continues to recommend the offer from Phelps Dodge, while the Journal said investors so far seem to favor the Teck Cominco bid.

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